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Punjab announces Rs1719.3b budget for four months

ByTeam BB

Jun 19, 2023

The caretaker cabinet of Punjab has approved a budget of 1719 billion rupees for the first 4 months of the next financial year, in which 30 percent ad hoc relief in the salaries of government employees has been approved, while 5 percent in pension and  20% has been approved for old age pensioners.

A provincial cabinet meeting was held under the chairmanship of Chief Minister Punjab Mohsin Naqvi in ​​which the budget was approved.

In the ongoing expenditure in the budget, 721 billion rupees have been allocated for 4 months, 116 billion rupees for pension, 325 billion rupees for development projects, 277 billion rupees for capital expenditure and 395 billion rupees for account food.

A target of 579 billion rupees has been set for the acquisition of sources of income, 393 billion in provincial revenue and 186 billion in non-tax was allocated. 

Minister of Industry, Trade and Energy SM Tanveer said that sales tax on information technology related businesses was abolished in Punjab, tax on stamp duty was kept at one percent, 65 billion rupees have been kept for agriculture, health and education. The budget was increased by 31%.

In a press conference after the approval of the budget, Caretaker Information Minister Punjab Aamir Mir said that under Article 126 of the Caretaker Cabinet of Punjab, four months of revenue and expenditure have been approved, no new tax has been imposed, Punjab Province 194 It will collect billions of rupees on its own.

He further said that it has been decided to write off the debt of 600 billion rupees on wheat payments, 25 crore rupees were being paid daily interest on this debt, due to which the debt of 600 billion rupees had to be paid, if this debt In case of non-payment, it was supposed to be 1100 billion rupees at the end of this year. With the approval of the cabinet, the series of debt repayment of 600 billion rupees was started, which will be written off in four months.

Amir Mir said that a journalist endowment fund of one billion rupees has also been established in the budget.

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